Finance
UK Watchdog Highlights Challenges in Helping Labour With Growth
- FCA says it may diverge with global peers on certain issues
- Agency responds to government’s new orders to focus on growth
A top UK financial regulator warned that a new directive to help the government improve the country’s global standing might prove difficult to pull off in some areas.
The UK’s Financial Conduct Authority is under pressure to deliver internationally competitive rules for firms it oversees, but faces the prospect of major jurisdictions such as the US and European Union going in different directions. Two areas where it might diverge from its peers around the world are green finance and cryptoassets, the agency’s leaders said in a letter to Chancellor of the Exchequer Rachel Reeves seen by Bloomberg.